https://www.taxtmi.com/caselaws?id=457502 A revisional challenge to the adequacy of penalty under the Foreign Exchange Regulation Act, 1973 focused on whether the original penalty was too lenient in light of the admitted contravention. The Tribunal applied the principle that statutory penalty discretion must be exercised in a manner proportionate to the gravity of the misconduct and the amount involved, because an unduly mild penalty may amount to failure to discharge the statutory duty effectively. On that basis, it treated the original penalty as inadequate and enhanced it to secure effective compliance and reflect the seriousness of the breach. en-us Fri, 27 Jun 2008 00:00:00 +0530 Fri, 20 Sep 2024 20:58:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457502 A revisional challenge to the adequacy of penalty under the Foreign Exchange Regulation Act, 1973 focused on whether the original penalty was too lenient in light of the admitted contravention. The Tribunal applied the principle that statutory penalty discretion must be exercised in a manner proportionate to the gravity of the misconduct and the amount involved, because an unduly mild penalty may amount to failure to discharge the statutory duty effectively. On that basis, it treated the original penalty as inadequate and enhanced it to secure effective compliance and reflect the seriousness of the breach. Case-Laws FEMA Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457502